CH1

Mobile channels are used by marketers to​ _______________. A. engage in caring capitalism B. stimulate immediate​ buying, make shopping​ easier, and enrich the brand experience C. encourage social sharing D. get more​ "Likes" on Facebook E. increase profits

B

The aim of​ _____________ is to produce high customer equity​, the total combined customer lifetime values of all of the​ company's customers. A. customer satisfaction B. customer relationship management C. exchange D. market segmentation E. customer service

B

The idea that a company's marketing decisions should consider consumers' wants, the company's requirements, consumers; long-run interests, and society's long-run interest A. marketing concept B. Societal marketing concept

B

The last step in the marketing process is? A. Understand the market place and customer needs and wants B. build profitable relationships and create customer delight.

B

To capture value from​ consumers, marketers must​ ______. A. tell customers what they need B. create value for consumers C. focus on selling the product D. create​ award-winning products E. advertise extensively

B

Which of the following is a result of the recent Great Recession? A. Reduced regulatory intervention B. Move toward frugality C. Increased spending on technology D. Growth of societal marketing

B

Which of the following is an accurate statement about building customer relationships in the modern marketing​ era? A. At the current​ time, brands should wait to adopt new digital technologies and social media until the pace of change slows down. B. Building relationships through​ consumer-generated marketing is expensive and​ time-consuming. C. Even with the new digital technologies available to​ marketers, consumers still cannot create personal brand experiences. D. ​Consumer-generated marketing is when marketers take an active role in shaping product and brand content. E. Digital technologies and social media have created few opportunities for marketers to engage their customers and deliver value

B

are some combination of products, services, information, or experiences offered to a market. A. needs B. Market offerings

B

mistake of paying more attention to the specific product a company offers than to the benefits and experiences produced by the product A. offering B. Marketing myopia

B

​_______ are the form human needs take as they are shaped by culture and individual personality. A. Needs B. Wants C. Services D. Offerings E. Demands

B

​______________, which depends on the​ product's perceived performance relative to a​ buyer's expectations, is an important factor in creating customer value and building​ long-term market relationships. A. Share of customer B. Customer satisfaction C. Customer engagement D. Shared value E. Brand loyalty

B

Building profitable relationships and creating customer delight is the __________ step in the marketing process. A. last B. First

a

Due to the changing economic environment, marketers are increasingly emphasizing __________. A. value B. equity

a

Marketing, more than any other business​ function, deals with​ ___________. A.regulators B.suppliers C.customers D.employees E.investors

c

The _____ concept questions whether the pure marketing concept overlooks possible conflicts between consumer short-run wants and consumer long-run welfare. 1. responsibility marketing 2. societal marketing 3. selling 4. product

2

With mature consumerism and environmentalism movements, marketers are called to develop _____. 1. consumer-generated marketing 2. sustainable marketing practices 3. customer-managed relationships 4. selling oriented practices

2

A​ firm's strategy is set into action through plans and programs that consist of the marketing mix. The marketing mix is referred to as the four Ps of marketing. Which of the following are the four​ Ps? A. ​Product, price,​ place, promotion B. ​Product, place,​ promotion, people C. ​Product, packaging,​ price, promotion D. ​Product, price,​ place, people E. ​Product, price,​ promotion, and people

A

Customer relationship management is the _________ A. The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction. B. Process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return

A

Mary is hungry and chooses to go to McDonalds for a salad.​ Mary's hunger is a​ _____ and her choice of a salad is a​ _____. A. ​need; want B. ​want; demand C. ​want; need D. ​need; demand E. ​demand; want

A

One way your team has come up with to improve sales is for suppliers to abandon organic and sustainable farming methods. Which of the following explanations best supports the idea that abandoning organic farming methods will improve sales? a. Organic farming methods are expensive, so abandoning them will lower the cost of Grand Champion and increase sales. b. Many people disapprove of organic farming methods, so abandoning them will improve Grand Champion's image and increase sales.

A

Recently, Grand Champion stopped offering organic beef in its formula. Few customers complained about this action. Which conclusion can you draw from this situation? a. It shows that the Grand Champion brand is suffering from market myopia. b. It shows that market myopia is not an issue that Grand Champion ever needs to be concerned about.

A

Recently, Grand Champion stopped offering organic beef in its formula. Few customers complained about this action. Which conclusion can you draw from this situation? a. It shows that the Grand Champion brand is suffering from market myopia. b. It shows that market myopia is not an issue that Grand Champion ever needs to be concerned about. c. It shows evidence that Grand Champion is taking preventative action to avoid any problems from market myopia.

A

Shaped by culture and an individual personality. A. WANTS B. NEEDS

A

The actual and potential buyers in a market share which of the following​ characteristics? A. They share a particular need and or want. B. They have little influence over marketers. C. They do not engage in marketing. D. They rely on marketers to provide product information. E. They have the same demographic profile.

A

The first step of the marketing process involves companies working to​ ____________. A.gain a better understanding of their customers B.improve operational efficiency C.build stronger customer relationships D.capture value from customers E.understanding who their competitors are

A

The idea that consumers will not buy enough of the firms's products unless the firm undertakes a large - scale selling and promotion effort. this is the..... A. Selling concept B. Marketing process

A

The total combined lifetime value of a​ company's current and potential customers is called​ ______. A. customer equity B. share of customer C. customer retention D. market share E. customer loyalty

A

What is marketing management? A. the art and science of choosing target markets and building profitable relationships with them. B. Process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.

A

What is the marketing concept? A. A philosophy in which achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do B. the idea that consumers will not buy enough of the firm's products unless the firm undertakes a large-scale selling and promotion effort

A

Which group of customers are referred to as "barnacles"? A.Those who are highly loyal but not very profitable. B. Those who are both profitable and loyal. C. Those who are potentially profitable but not loyal. D. Those who show low potential profitability and little projected loyalty.

A

Which of the following statements about market offerings is​ correct? A. Some combination of​ products, services,​ information, or experiences. B. Experiences are not a market offering. C. Market offerings are limited to products. D. Market offerings are limited to services. E. Market offerings are not related to​ customers' needs and wants.

A

Which of the following statements regarding the changing marketing landscape is​ correct? A. Digital technology has changed the way we live. B. Marketers have mastered the use of social media and mobile marketing. C. Marketing plays no role in the strategies of​ not-for-profit organizations. D. ​Today's post-recession era consumers buy​ more, use fewer​ coupons, use their credit cards more and save less. E. Global competition only affects marketing in large companies.

A

You are seriously considering expanding the traditional target market for Grand Champion of trainers, breeders, and purebred owners to serve a larger market of dog owners for the new reformulated product. Which of the following is not a good reason for why the traditional market should be expanded? a. Expanding the traditional market will strengthen the brand's elite image in the market. b. The expanded market will increase profits.

A

__________ is the idea that consumers will favor products that are available and highly affordable; therefore, the organization should focus on improving production and distribution efficiency A. Production concept B. Product concept .

A

set of all actual and potential buyers of a product or service A. Market B. Exchange

A

As a marketing manager for Holden-Evan, a highly successful consumer products company, your task is to re-evaluate the marketing strategy for Grand Champion, a premium dog food brand, that has suffered sales losses for the past couple of years. Going over the customer report from Jaime, a German Sheperd breeder, you find that Grand Champion is still Jaime's food of choice. However, the number of litters that Jaime breeds has been reduced due to the economic downturn. Which of the following represents the best analysis of Jaime's needs and wants? a. Jaime's needs have increased while his wants have stayed the same. b. Jaime's needs have decreased while his wants have stayed the same.

B

As a marketing manager for Holden-Evan, a highly successful consumer products company, your task is to re-evaluate the marketing strategy for Grand Champion, a premium dog food brand, that has suffered sales losses for the past couple of years. Going over the customer report from Jaime, a German Sheperd breeder, you find that Grand Champion is still Jaime's food of choice. However, the number of litters that Jaime breeds has been reduced due to the economic downturn. Which of the following represents the best analysis of Jaime's needs and wants? a. Jaime's needs have increased while his wants have stayed the same. b. Jaime's needs have decreased while his wants have stayed the same. c. Jaime's wants have increased while his needs have stayed the same.

B

Following the marketing concept means that firms are​ _______. A. ​sales-driven B. ​customer-driven C. ​product-driven D. ​production-driven E. ​profit-driven

B

Marketing is best described as the _____________ A. The idea that a company's marketing decisions should consider consumers' wants, the company's requirements, consumers; long-run interests, and society's long-run interest B. Process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.

B

After understanding the marketplace and customer​ needs, what is the next step in the marketing​ process? A.Building profitable customer relationships B.Creating profits C.Designing a marketing strategy D.Capturing value from customers E.Delighting customers

C

Social sharing is best described as​ __________. A. sharing profits with customers B. getting customers to shop together C. getting people to talk with others and pass along their positive brand experiences D. increasing the number of Facebook​ "Likes" E. using mobile devices to compare prices

C

The VP of Marketing is scheduled to attend a meeting of your team. She has informed you that she doesn't favor any one customer relationship management approach as long as it doesn't clash with any of the three possible target markets that are being considered. The target markets are: (1) the product's original target market, (2) a market that includes all customers interested in a quality product, or (3) a market that includes all dog owners. Which choice of a customer relationship management approach would be least likely to clash with any of the three target markets? a. a frequent-buyer program that gives greater discounts the more a customer buys b. a frequent-buyer program that gives a free bag of Grand Champion for every eight bags a customer buys c. a web site with dog health information and a place for customers to post pictures of their dogs d. sponsor major dog shows e. provide free Grand Champion to winning dogs at major dog shows

C

There is little fit between the​ company's market offerings and the needs of which customer​ group? Hint: This group is not profitable and not loyal. A. True believers B. Butterflies C. Strangers D. Barnacles E. True friends

C

What do marketers use mobile channels​ for? A. To get more​ "Likes" on Facebook B. To engage in caring capitalism C. To stimulate immediate​ buying, make shopping​ easier, and enrich the brand experience D. To encourage social sharing E. To increase profits

C

Which core marketing concept is the key building block to develop and manage customer​ relationships? A. Profits B. ​Needs, wants, and demands C. Value and satisfaction D. Market offerings E. Markets

C

Which step of the marketing process lets the company reap the rewards of its strong customer relationships ? A. Building customer relationships. B. Understanding the marketplace and customer needs. C. Capturing value from customers. D. Designing a customer-driven marketing strategy

C

Your boss thinks your value proposition, "Grand Champion—good food for the right price" is appropriate for your target market of all dog owners who are interested in quality dog food. However, she thinks you can improve on the phrase if you tweak it. Which of the following identifies the best value proposition for your target market? a. "Grand Champion—exquisite dog food for the right price." b. "Grand Champion—good food for a rock-bottom price." c. "Grand Champion—high quality dog food for a good price."

C

Your boss thinks your value proposition, "Grand Champion—good food for the right price" is appropriate for your target market of all dog owners who are interested in quality dog food. However, she thinks you can improve on the phrase if you tweak it. Which of the following identifies the best value proposition for your target market? a. "Grand Champion—exquisite dog food for the right price." b. "Grand Champion—good food for a rock-bottom price." c. "Grand Champion—high quality dog food for a good price." d. "Grand Champion—when price isn't an issue." e. "Grand Champion—your dog can help you save!"

C

​Customer-driven marketing usually works well when a clear need exists and when customers​ _________________. A. are easily influenced by promotional strategies B. are not​ price-sensitive C. know what they want D. have high disposable incomes E. have relatively few options

C

Companies like​ IBM, Walmart, and Intel now look beyond economic gain​ and, in their marketing strategies they also consider the​ well-being of​ customers, the depletion of natural​ resources, the viability of​ suppliers, and the interests of the local community. This reflects which marketing​ philosophy? A. The selling concept B. The production concept C. The product concept D. The societal marketing concept E. The marketing concept

D

FedEx offers its customers fast and reliable package delivery. When FedEx customers weigh those benefits against the monetary costs and other costs of using the​ service, they are acting on​ ________. A. Information in FedEx ads B. Customer satisfaction C. Loyalty D. Perceived customer value E. Their relationship to FedEx

D

In making a choice for marketing management orientation, you are thinking of making marketing decisions based on maximizing the welfare of customers and society as a whole. A fellow marketing manager is doubtful that this approach will lead to success. Which statement best expresses how maximizing the welfare of customers and society as a whole can be a success? a. Customers respond to improved welfare immediately by increasing purchases that result in higher profits. b. Improving society typically results in a sense of well-being that makes people want to spend money on luxury items. c. Maximizing the welfare of customers and society as a whole increases the number of dog owners in the society. d. Helping to maximize customer and societal welfare creates a positive image which helps the brand grow over the long term.

D

In making a choice for marketing management orientation, you are thinking of making marketing decisions based on maximizing the welfare of customers and society as a whole. A fellow marketing manager is doubtful that this approach will lead to success. Which statement best expresses how maximizing the welfare of customers and society as a whole can be a success? a. Customers respond to improved welfare immediately by increasing purchases that result in higher profits. b. Improving society typically results in a sense of well-being that makes people want to spend money on luxury items. c. Maximizing the welfare of customers and society as a whole increases the number of dog owners in the society. d. Helping to maximize customer and societal welfare creates a positive image which helps the brand grow over the long term. e. Helping to maximize customer and societal welfare helps eliminate competitors to the brand.

D

The first step to a successful​ value-driven marketing strategy is to determine whom to serve with a market offering. To make this​ decision, marketers engage in which two​ activities? A. Segmenting and demand management B. Targeting and positioning C. Segmenting and customer management D. Segmenting and targeting E. Customer management and demand management

D

The​ ____________ holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do. A. selling concept B. production concept C. societal marketing concept D. marketing concept E. product concept

D

When backed by buying power, wants become _____. A. benefits B. offerings C. needs D. demands

D

You have settled on a target market that includes all customers interested in quality dog food. However, you get a call from a top manager who says a member of the board of directors is a dog-lover who wants Grand Champion to sponsor dog shows and feature testimonial ads from dog show winners. Given your target market, which of the following is the strongest argument you can make in favor of sponsoring dog shows? a. Most dog owners avidly follow dog shows, so you will get maximum exposure from the action. b. Most dog show winners are pampered and finicky, so if they like Grand Champion so will ordinary dogs. c. Dog shows have an elite, upper class image that suits the image of your target market. d. Dog show winner testimonials are like Wheaties testimonials from athletes — they create a winning image of the product. e. Dog shows have folksy image that suits the image of your target market.

D

_____ concept holds that consumers will favor products that are available and highly affordable. A.Product B. Selling C. Marketing D. Production

D

​___________ is the first step of the marketing process. A. Building strong relationships with customers B. Delivering superior value C. Developing a marketing strategy D. Understanding the​ marketplace, consumer​ needs, and consumer wants E. Capturing value from customers

D

__________ are backed by buying power. A. demands B. wants

DEMANDS

One member of your team thinks that you should market Grand Champion to a market that includes all dog owners. Which of the following best support the idea that a target market of all dog owners is a good choice? a. To appeal to all dog owners, Grand Champion would need to lower its price and production costs. b. To appeal to all dog owners, Grand Champion would be able to take advantage of its traditional, elite image. c. To appeal to all dog owners, Grand Champion's association with dog shows and dog breeders would be a sustainable competitive advantage over rivals. d. To appeal to all dog owners, Grand Champion would probably need to use cheaper ingredients. e. In appealing to all dog owners, Grand Champion would be likely to increase overall sales.

E

The VP of Marketing likes your idea of putting pictures of "true believers" on cans of Grand Champion. However, she does not like the requirement that customers will need to purchase one thousand cans to be depicted. "It will take too long and it will be too hard to document," the VP says. Which of the following identifies the best modification to the "picture on the can" idea? a. have a sweepstakes in which the winning dog gets its picture on the can b. put winners of major dog shows on cans c. put random pictures of dogs that are posted on the Grand Champion web site on cans with a prize for each winner d. put pictures of guard dogs, rescue dogs, and other heroic dogs on cans e. have a contest in which entrants explain why they are loyal to Grand Champion — the winning entry goes on the can

E

The goal of most social media campaigns is social​ sharing, which is​ __________. A. sharing profits with customers B. using mobile devices to compare prices C. increasing the number of Facebook​ "Likes" D. getting customers to shop together E. getting people to talk with others and pass along their positive brand experiences

E

The key element of successful marketing today is to​ ____. A. offer low prices B. develop innovative products C. advertise D. sell on the Internet E. create value

E

Which of the following statements regarding the current economic environment is​ correct? A. Since consumer incomes and spending are again on the​ rise, companies can now​ de-emphasize value. B. Consumers are using their credit cards more frequently and putting less money in the bank. C. Consumers have resigned themselves to lives of deprivation. D. To reach​ today's frugal​ consumers, marketers should cut prices across the board. E. Consumer spending values now emphasize simpler living and more value for the dollar.

E

​A(n) ________ is the set of actual and potential buyers of a product or service. A. target market B. supply chain C. exchange D. customer profile E. market

E

A state of felt deprivation A. Need B. want

Need